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Home / Tips and Tricks / Second stimulus check: 8 important facts about a new payment after a week of roller coaster rides

Second stimulus check: 8 important facts about a new payment after a week of roller coaster rides



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Here’s what happens today with a second stimulus check.

Angela Lang / CNET

Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi have failed to reach an agreement on one second stimulus test to the eligible Americans on Friday, but will continue to negotiate over the weekend.

It’s an unsurprising end to a surprising week of President Donald Trump – who is it? Taking the steroid dexamethasone after this hospitalized for COVID-19 – – Stop the negotiations and then restart it the same day. On Friday, the president said he wanted a bigger bill than the Democrats and Republicans, even though the White House is expected to offer $ 1.8 trillion. The package, which now appears to be safer than the standalone bills Trump initiated late Tuesday, includes another Direct payment up to $ 1,200. Exactly when the payment would come is in the air.

Let’s get out of the mess with the key facts about qualifications and how to calculate your next coronavirus relief payment. Read on for more information. We update this story regularly.

1. US leaders want you to receive another check

Since the first stimulus test started going out in April, there was several suggestions for additional incentives – and all of them include a second direct payment. Trump was particularly excited about sending the Americans another round of checks.

While a new payment is packaged in a bill of one form or another that must pass through both houses of Congress and receive the President’s signature, this is an element that everyone can agree on.

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High unemployment rates and a weak economy underscore the need for more aid.

Angela Lang / CNET

2. The IRS may provide you with economic funds faster

The IRS has already made the growing effort to figure out how to mobilize and deliver a round of stimulus money. In theory, the agency could expedite the process of sending out the first batch of payments, when and if they are approved. The tracking tool is already up and running, the system is in place, and it is likely that the majority of those who qualified for an initial exam will also receive another.

The timeline changes all the time, but we do Associated potential dates to which a check could be sent if approved before and after the election.


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3. There are different priority groups for sending payments

Not everyone gets their checks at the same time and part of it depends on how you get paid. For example, direct deposit – an electronic transfer of funds to your bank account – can be made weeks before a check is received Prepaid EIP card by post. We have identified five priority groups based on the first stimulus tests.

4. A stimulus check for $ 1,200 per person is only part of the story

The maximum of $ 1,200 per person is a likely upper limit for a second stimulus payment, but there’s a lot more to know. Not everyone gets the full $ 1,200, and a dizzying set of rules will determine your stake. However, if the qualifications increase, families could get more money in the second round.

5. A change in the terms and conditions could result in more than US $ 1,200

While we believe that a second stimulus check would follow largely the same guidelines as the first, Admission requirements Subject to changes. It could even benefit your family when a new stimulus bill is redefined who counts as a qualifying dependent and gives your family $ 500 more for people you identify by their taxes.

6. Payment details can get complicated and quick

When and when a second stimulus test is approved, the details need to be deciphered. While some situations are straightforward, other complications for you and your loved ones can make it unclear whether and for how much you are eligible. There are plenty of edge cases.

For example:

7. You can already estimate your total stimulus amount

If you are I’m still waiting for your first payment or would like to estimate how much a second exam might involve, ours Stimulus Check Calculator is here to help. Remember that the rules are complex and depend on a variety of factors, such as: AGI (you can find it here). Our calculator tool does not save your personal data in any way.

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Less than a quarter of eligible recipients received their payment as a check in the mail.

Sarah Tew / CNET

8. You don’t pay taxes on the money no matter when it arrives

The IRS Stimulus money is not considered incomeand a payment you receive that year won’t reduce your 2021 refund or increase the amount you owe when you file your 2020 tax return. You also don’t have to repay any part of your check if you qualify for a lower amount in 2021. The IRS said if you didn’t get all of what you owed this year, you can claim it as credit for your 2020 federal income tax return by filing it in 2021. Here is Everything you should know about stimulus checks and taxes.

There is much more to know about other government payments during the pandemic. Here’s what you need to know a possible interest rate review by the IRS, the $ 300 unemployment benefit and the administrative wage tax cut.


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